Are you aware of form 1040-X? Did you miss out on a deduction? Don’t worry at all. You have come to the right place at USTAXFiling. Here, we will discuss every single detail related to Form 1040-X. So, stay tuned and continue to read till last to get all the necessary updates at USTAXFiling!
When you file an income tax return, it might be complex for you. For Americans residing overseas, things get more challenging. It is common to make a mistake, miss out on your deduction, or even forget important information. If this happens to you, don’t worry at all. You may use Form 1040-X to amend your original income tax return and correct everything. Here is what expats must know.
What Is Form 1040-X?
Form 1040-X: Amended US person US income tax return is a form that income taxpayers may use to fix one or more mistakes made on a past filed income tax return. For instance, if you forgot to declare a specific income type on your income tax return, filing Form 1040-X might help you correct that error. Also, you may use Form 1040-X to claim credits or even deductions you were not aware of when you filed your income tax return at first.
What Is the Difference Between Form 1040-X and Form 1040?
Form 1040-X is used to amend a form 1040 that is already filed, while Form 1040 is a US individual income tax return form that is used by American income taxpayers to file their yearly income tax returns.
Advantages of Filing Form 1040-X
In many cases, when you file Form 1040-X may shield you from facing charges for a mistake on your income tax return. If you made any error that might result in an additional interest or fine, Form 1040-X may assist you in resolving the issue before it gets problematic.
Form 1040-X helps you to claim any exemptions, deductions, or credits you might have missed when you file your original income tax return. It might erase or reduce your income tax bill, and you will get a refund.
Other common benefits of Form 1040-X are:
- Adjusting an amount you entered
- Changing the filing election (for instance, a married income taxpayer might choose to file a joint return with a partner or select married filing separately.
- Claiming a carryback because of unused or lost credit
- Removing or adding a dependent
Who Should File Form 1040-X?
Any income taxpayer may use Form 1040-X to amend their income tax return as long as their original income tax return was a form from the 1040 series. It includes Form 1040-SR, Form 1040, and Form 1040-NR.
Also, Form 1040-X must not be used to correct any mathematical mistakes because of miscalculation. The IRS (Internal Revenue Service) corrects these types of mistakes on its own while processing income tax returns.
Form 1040-X Filing Deadlines
You may file Form 1040-X at any time after filing your original income tax return. Also, to get a refund or claim your credit, you should file the following:
- Two years from the date you paid the income tax you owned on that return
- Three years from the date you filed the original income tax return.
- Whichever is later
If you filed your original income tax return before your due date, the three-year timeline will start on the due date. For instance, if you filed your income tax return on 1 March in a year when the deadline was 15 April, you might get three years from 15 April to file an amended income tax return to get a refund or claim a credit.
Form 1040-X : Extension Granted
Also, if you are given an extension, the deadline might be considered by the date you filed your income tax return. For instance, if you are granted a filing extension till 15 October, and you filed your income tax return on 1 July, you have three years from 1 July to file your amended income tax return.
Remember: These are the common rules for the Form 1040-X deadline, but there are a few exceptions. An eligible tax consultant in the USA can give a clear picture of your options.
How to File Form 1040-X
Here is the step-by-step guide on how to file form 1040-X:
Gather the Relevant Documents
Before you start your Form 1040-X, ensure you have all the necessary documents you have to submit. For instance, if you are adjusting your income reported on your income tax return, you might need amended or new forms, W-2 or 1099, reporting the right income amount. Or, if you are planning to claim a credit or any deduction, you may require documentation that supports your claim.
You should have a copy of any tax forms you are amending. It starts with Form 1040, but it might also include particular schedules. For instance:
- Adjusting your losses or capital gains may need copies of Schedule D and Form 8949
- Changes to expenses or revenue from a business may need Schedule SE or Schedule C
- If you are changing your itemized deductions, you might need a copy of the Schedule A you filed.
Check for Available Deductions or Credits
When you amend your income tax return, it is a worth double check to ensure that you have captured every chance to increase your refund or reduce your tax bill. IRS (Internal Revenue Service offers many tax benefits for Americans staying abroad, such as:
- Foreign housing credit
- Foreign housing deduction
- Foreign earned income exclusion
- Foreign tax credit
Using the forms, several expats may erase their US income tax bill completely. You can consult an expat tax consultant to know what options are best for you.
Complete Form 1040-X
The next step is, you may have to complete the form filing. Form 1040-X includes line-by-line descriptions, itemized of all adjustments that will be made to your Form 1040 income tax return. It helps you to choose and enter the exact kind of amendment that you must make.
Submit your Amended Forms
Once you complete the form filing of 1040-X, then ensure to submit it to the IRS (Internal Revenue Service) along with supporting documents like:
- All income tax forms your Form 1040-X is amending that, includes Form 1040 and any affected schedules
- Amended or New 1099s or W-2s
If you amend your income tax return in response to the IRS (Internal Revenue Service) notice, ensure to attach it too. You may e-file Form 1040-X as long as you e-filed the income tax return that you are amending. If you submit your original income tax return through the mail, you might have to do the same thing with your Form 1040-X. The IRS (Internal Revenue Service) lists four mailing addresses based on your location. For Americans staying overseas, the standard address is:
Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0215
Remember
If you make an additional income tax payment due to your amended income tax return, includes the check with your payment if you are mailing it in a paper form or even visit the IRS site to make an online payment.
The IRS (Internal Revenue Service) might take up to 16 weeks to process your amended income tax return. The estimate is increased to 20 weeks because of delays. You may check the status of your amended income tax return on the Internal Revenue Service website.
You Haven’t Filed My US Tax Return Yet. What Should You Do?
Each US citizen has to file an yearly income tax return regardless of where they reside. Also, several Americans staying overseas are not at all aware of their US income tax obligations. If it implies to you, don’t panic at all. The Internal Revenue Service offers an amnesty program to assist expats in coming into compliance without facing any charges: the streamlined filing compliance procedures.
To use the program, all you have to do is:
- You must file FBAR (Foreign Bank Account Reports) for the past six years.
- You should self-certify that your failure to file was not at all willful.
- You must file the past three delinquent income tax returns and pay any delinquent income taxes that you owed during that time with interest.
It might bring you into compliance with IRS (Internal Revenue Service) rules. There are other options that are available to you, such as if you are filing expat income taxes late but are not becoming eligible for the streamlined program.
Get Assistance from a Team of Expat Tax Professionals
In this article, you must have a clear picture of Form 1040-X. If you still have any doubts related to Form 1040-X. Then, we at USTAXFiling are here to assist you. We at USTAXFiling can prepare and file your expat taxes in the USA on your behalf.
At USTAXFiling Expat Tax Services, we specialize in assisting expats in managing their US tax obligations. Our USTAXFiling experts have years of experience and are highly skilled, so if you have any queries, you can discuss them with them, and they will resolve them as soon as possible. So, your wait is over now! Schedule a call with USTAXFiling right away, your online Expat Tax Services in the USA.
Form 1040-X- Filing an Amended Tax Return
Are you aware of form 1040-X? Did you miss out on a deduction? Don’t worry at all. You have come to the right place at USTAXFiling. Here, we will discuss every single detail related to Form 1040-X. So, stay tuned and continue to read till last to get all the necessary updates at USTAXFiling!
When you file an income tax return, it might be complex for you. For Americans residing overseas, things get more challenging. It is common to make a mistake, miss out on your deduction, or even forget important information. If this happens to you, don’t worry at all. You may use Form 1040-X to amend your original income tax return and correct everything. Here is what expats must know.
What Is Form 1040-X?
Form 1040-X: Amended US person US income tax return is a form that income taxpayers may use to fix one or more mistakes made on a past filed income tax return. For instance, if you forgot to declare a specific income type on your income tax return, filing Form 1040-X might help you correct that error. Also, you may use Form 1040-X to claim credits or even deductions you were not aware of when you filed your income tax return at first.
What Is the Difference Between Form 1040-X and Form 1040?
Form 1040-X is used to amend a form 1040 that is already filed, while Form 1040 is a US individual income tax return form that is used by American income taxpayers to file their yearly income tax returns.
Advantages of Filing Form 1040-X
In many cases, when you file Form 1040-X may shield you from facing charges for a mistake on your income tax return. If you made any error that might result in an additional interest or fine, Form 1040-X may assist you in resolving the issue before it gets problematic.
Form 1040-X helps you to claim any exemptions, deductions, or credits you might have missed when you file your original income tax return. It might erase or reduce your income tax bill, and you will get a refund.
Other common benefits of Form 1040-X are:
- Adjusting an amount you entered
- Changing the filing election (for instance, a married income taxpayer might choose to file a joint return with a partner or select married filing separately.
- Claiming a carryback because of unused or lost credit
- Removing or adding a dependent
Who Should File Form 1040-X?
Any income taxpayer may use Form 1040-X to amend their income tax return as long as their original income tax return was a form from the 1040 series. It includes Form 1040-SR, Form 1040, and Form 1040-NR.
Also, Form 1040-X must not be used to correct any mathematical mistakes because of miscalculation. The IRS (Internal Revenue Service) corrects these types of mistakes on its own while processing income tax returns.
Form 1040-X Filing Deadlines
You may file Form 1040-X at any time after filing your original income tax return. Also, to get a refund or claim your credit, you should file the following:
- Two years from the date you paid the income tax you owned on that return
- Three years from the date you filed the original income tax return.
- Whichever is later
If you filed your original income tax return before your due date, the three-year timeline will start on the due date. For instance, if you filed your income tax return on 1 March in a year when the deadline was 15 April, you might get three years from 15 April to file an amended income tax return to get a refund or claim a credit.
Also, if you are given an extension, the deadline might be considered by the date you filed your income tax return. For instance, if you are granted a filing extension till 15 October, and you filed your income tax return on 1 July, you have three years from 1 July to file your amended income tax return.
Remember: These are the common rules for the Form 1040-X deadline, but there are a few exceptions. An eligible tax consultant in the USA can give a clear picture of your options.
How to File Form 1040-X
Here is the step-by-step guide on how to file form 1040-X:
Gather the Relevant Documents
Before you start your Form 1040-X, ensure you have all the necessary documents you have to submit. For instance, if you are adjusting your income reported on your income tax return, you might need amended or new forms, W-2 or 1099, reporting the right income amount. Or, if you are planning to claim a credit or any deduction, you may require documentation that supports your claim.
You should have a copy of any tax forms you are amending. It starts with Form 1040, but it might also include particular schedules. For instance:
- Adjusting your losses or capital gains may need copies of Schedule D and Form 8949
- Changes to expenses or revenue from a business may need Schedule SE or Schedule C
- If you are changing your itemized deductions, you might need a copy of the Schedule A you filed.
Check for Available Deductions or Credits
When you amend your income tax return, it is a worth double check to ensure that you have captured every chance to increase your refund or reduce your tax bill. IRS (Internal Revenue Service offers many tax benefits for Americans staying abroad, such as:
- Foreign housing credit
- Foreign housing deduction
- Foreign earned income exclusion
- Foreign tax credit
Using the forms, several expats may erase their US income tax bill completely. You can consult an expat tax consultant to know what options are best for you.
Complete Form 1040-X
The next step is, you may have to complete the form filing. Form 1040-X includes line-by-line descriptions, itemized of all adjustments that will be made to your Form 1040 income tax return. It helps you to choose and enter the exact kind of amendment that you must make.
Submit your Amended Forms
Once you complete the form filing of 1040-X, then ensure to submit it to the IRS (Internal Revenue Service) along with supporting documents like:
- All income tax forms your Form 1040-X is amending that, includes Form 1040 and any affected schedules
- Amended or New 1099s or W-2s
If you amend your income tax return in response to the IRS (Internal Revenue Service) notice, ensure to attach it too. You may e-file Form 1040-X as long as you e-filed the income tax return that you are amending. If you submit your original income tax return through the mail, you might have to do the same thing with your Form 1040-X. The IRS (Internal Revenue Service) lists four mailing addresses based on your location. For Americans staying overseas, the standard address is:
Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0215
Remember
If you make an additional income tax payment due to your amended income tax return, includes the check with your payment if you are mailing it in a paper form or even visit the IRS site to make an online payment.
The IRS (Internal Revenue Service) might take up to 16 weeks to process your amended income tax return. The estimate is increased to 20 weeks because of delays. You may check the status of your amended income tax return on the Internal Revenue Service website.
You Haven’t Filed My US Tax Return Yet. What Should You Do?
Each US citizen has to file an yearly income tax return regardless of where they reside. Also, several Americans staying overseas are not at all aware of their US income tax obligations. If it implies to you, don’t panic at all. The Internal Revenue Service offers an amnesty program to assist expats in coming into compliance without facing any charges: the streamlined filing compliance procedures.
To use the program, all you have to do is:
- You must file FBAR (Foreign Bank Account Reports) for the past six years.
- You should self-certify that your failure to file was not at all willful.
- You must file the past three delinquent income tax returns and pay any delinquent income taxes that you owed during that time with interest.
It might bring you into compliance with IRS (Internal Revenue Service) rules. There are other options that are available to you, such as if you are filing expat income taxes late but are not becoming eligible for the streamlined program.
Get Assistance from a Team of Expat Tax Professionals
In this article, you must have a clear picture of Form 1040-X. If you still have any doubts related to Form 1040-X. Then, we at USTAXFiling are here to assist you. We at USTAXFiling can prepare and file your expat taxes in the USA on your behalf.
At USTAXFiling Expat Tax Services, we specialize in assisting expats in managing their US tax obligations. Our USTAXFiling experts have years of experience and are highly skilled, so if you have any queries, you can discuss them with them, and they will resolve them as soon as possible. So, your wait is over now! Schedule a call with USTAXFiling right away, your online Expat Tax Services in the USA.